US Senator Lummis May Defeat President Powell's Cryptocurrency Nomination

Golden Financial reports that cryptocurrency-friendly Wyoming State Senator Cynthia Lummis has expressed serious concerns about cryptocurrency to Fed Chairman-elect Biden, current Fed Chairman Jerome Powell and Fed Chairman Lael Brainard. A Lummis supporter said if the Fed did not raise concerns it could oppose the election and ask other officials to oppose the election. It was announced that Wyoming will set up a highly regulated company called Special Purpose Deposit Institutions (SPDI) in 2019 and has started discussions with the Fed on whether these financial instruments could qualify as banks and access government payments. . However, the two Wyoming companies that received SPDI licenses in 2020, the Kraken cryptocurrency exchange and bitcoin securities issuer Avanti, have yet to be approved by the Federal Reserve and Federal Reserve. Bank. decide. In an article for the Wall Street Journal on Tuesday, Lummis wrote, "I want to know the reason, but there is no answer," he said.